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mick Member Level  Thursday, 03/12/20 01:00:53 PM
Re: Golden_Cross post# 64
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re;
Taronis Schedules Shipment for First Turkish Unit
Key Milestone for Turkish Regulators and Legislators

PHOENIX, AZ, March 11, 2020 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc., (“Taronis” or “the Company”) (OTC: TRFN), a global producer of renewable and socially responsible fuel products, today announced the scheduled shipment date of the mobile Venturi plasma arc gasification unit for delivery to Ankara, Turkey. The unit is scheduled to be shipped on March 30, 2020 and is scheduled to arrive in Ankara at the end of April.

This first delivery represents a critical next step in the progress of two large multi-year purchase contracts. First, a 30 unit purchase contract for $165 million is expected to be expanded to up to 100 units for a total of $550 million if the initial commissioning is successful. Second, this delivery is a key component for a previously disclosed $250 million, 13 country marketing agreement with MC Consulting, a Turkey-based multinational marketing team. MC Consulting was the key driver in the initial Turkey contract and holds a 50 unit contract option to sell Taronis’ patented Venturi plasma arc gasification unit for $5 million per unit across Central Asia.

A large-scale ribbon ceremony in Ankara will be scheduled immediately upon clearing customs in Turkey. A number of high-profile government leaders and key business executives from the Turkish market are expected to attend the commissioning of the gasification unit, including the production of MagneGas using the new unit, and a live metal cutting demonstration. MagneGas is the world’s only renewable metal cutting fuel and has been independently proven to cut metal up to 70% faster than any other metal cutting fuel product available today.

“We are pleased to be able to finalize the shipment of our first gasification unit to Turkey,” commented Scott Mahoney, CEO of Taronis Fuels. “The delivery and commissioning of this unit represents the final milestone for the Turkish government to fund the large-scale deployment of up to 100 gasification units to support the entire Turkish metal cutting fuel market. The government of Turkey estimates that the current market for metal cutting fuels in their country exceeds $200 million in annual spending.”

“We recently completed a detailed cost analysis for the Turkish market using local cost factors including the prevailing labor rates and local electrical power costs. We were able to demonstrate that we can produce MagneGas for $0.078 per cubic foot, which represents a 13% lower production cost than what we produce MagneGas for in the United States. More importantly, our production cost is 40% lower than the cost to manufacture acetylene, which typically costs at least $0.13 per cubic foot to produce.”

“We are very pleased to deliver a technology that will help make Turkey significantly more competitive and efficient as a global leader in manufacturing. We are also excited to help support sweeping safety measures to help make the labor force of Turkey significantly safer. MagneGas is independently validated as a vastly safer alternative to acetylene. Lastly, our product is a renewable, hydrogen-based fuel that will help Turkey continue to execute its ambitious sustainability goals while building a strong and vibrant economy.”

About Taronis Fuels, Inc.

Taronis Fuels, Inc. is a global producer of renewable and socially responsible fuel products. Our goal is to deliver environmentally sustainable, technology driven alternatives to traditional fossil fuel and carbon-based economy products. We believe our products offer a vastly cleaner solution to legacy acetylene and propane alternatives.

Taronis is also dedicated to providing fundamentally safer solutions to meet the industrial, commercial and residential needs of tomorrow’s global economy. Our products have been rigorously tested and independently validated by global gas authorities as vastly safer than acetylene, the most dangerous industrial gas in use today.

Lastly, we strive to deliver products that offer significant function superiority at a reduced cost to the end consumer. Through these efforts, we support 9 of the 17 United Nations Sustainable Development Goals. For more information, please visit our website at www.taronisfuels.com/

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.

Investor Contacts:
Michael Khorassani
IR@TaronisFuels.com


Source: Taronis Fuel, Inc
© 2020 GlobeNewswire, Inc.

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